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Shiba Inu Burn Rate Spikes 1,364% as Following Happened to SHIB

Sat, 02/11/2023 - 20:00
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Yuri Molchan
Today, burn rate of Shiba Inu showed major spike after SHIB lead dev spread word about Shibarium
Shiba Inu Burn Rate Spikes 1,364% as Following Happened to SHIB
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Recently published by the Shibburn tracking platform data shows that over the last 24 hours, the army of the second most popular canine cryptocurrency has soared by over 1,364%. A total of 9,607,635 Shiba Inu was sent to unspendable wallets and out of circulation for good.

SHIB burn rate increases along with price

On Friday, the SHIB burn rate was below zero, as less than 1 million Shiba Inu tokens were moved to "inferno" addresses.

The burn rate of SHIB increased along with the meme coin's price. Over the past 24 hours, the exchange rate of SHIB/USD has increased by 3.31% after falling by nearly 16% since Wednesday. As of this writing, the second biggest meme coin is changing hands at $0.00001261 on the Binance exchange.

The token's price and the burn rate seem to be correlated as a price fall often causes a plunge in the amount of burned meme coins.

Shibarium news from lead developer: "Temporarily quiet"

Twitter user KURO SHIBARMY JPN (@kuro_9696_9696) has shared a screenshot from a Telegram chat with the lead developer of the Shiba Inu token known as Shytoshi Kusama on social media.

In the message on the screenshot, the pseudonymous developer commented on the lack of news about the launch of the Shibarium Layer-2 protocol. While the "complaint" was that "Shibarium news is awfully quiet," Shytoshi simply responded: "Temporarily."

Earlier this year, Shytoshi Kusama dropped a hint that the Layer-2 protocol may be released either on Feb. 10 or Feb. 14. The first is Flute Day in Japan, the second is Valentine's Day.

SHIB Lead Dev Warns He Has No Connection With This New "Shiba Inu Token": Details

Shytoshi responds to Feb. 14 rumors

In January, Shytoshi added a text to his bio section which mentioned "learning to play the flute" and preparing to present Shibarium in "a heart-shaped box." The community immediately decided that the developer was hinting at Feb. 14.

Nothing happened on Feb. 10 (yesterday). Now the SHIB army's expectations are focused on Valentine's Day. As reported by U.Today earlier this week, Shytoshi Kusama responded to a question about these rumors without denying or confirming them.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at